Posted in Marketing and Strategy Terms, Total Reads: 470
Definition: Sales Incentives
Sales incentives are benefits i.e. monetary, gifts etc which are given to employees of an organization for doing good work or achieving certain goals as defined by their management. The job of choosing the right sales incentives in order to motivate a team can be challenging. On one hand the right sales incentives needs to motivate the sales force and on the other hand they need to fit the organization’s budget or cost.
Incentives can be framed in different forms as below:
Job Related Incentives:
This can consist of non-tangible benefits like additional vacation time. But still there is a cost for having people out of office. Other options can be a new cell phone, iPad or upgraded laptop. The sales person wins by getting a gift that motivates them to work more productively. Also salesperson can work hard to find a new sales idea and if it is good, can be implemented by others.
Giving a sales incentive to the sales team which they do not have is also important. This can include 42 inch flatscreen television or a watch etc.
This includes giving a nice team dinner or a team outing. This not only helps the company to reward high performers but also increase the bonding between them.